What is the ‘Wilson Bridge’ construction loan?
By the time the construction loan for the bridge project is due, it could cost the state $1 billion, according to the latest estimates from the state Department of Finance.
It was announced earlier this year that the project was due to start in the first half of 2018, with the construction expected to be completed by late 2019.
It’s unclear whether the state would receive a loan before or after the project is completed.
The state department said the loan would be paid back within five years and would be used to repay debt from the project, as well as to fund other state government projects.
It also noted that it was a “risk-free” way of funding infrastructure projects and said it did not “require a taxpayer subsidy”.
It also said the project would be eligible for up to $100 million in construction loan guarantees under the Federal Government’s Low-Income Tax Credit scheme.
“If the project proves successful, we will continue to work with the Commonwealth Government and the Federal Labor Government to support this project and help Australians realise their dreams for a better future,” the department said.
“We are confident that this project will be a strong contributor to Australia’s economy, create jobs and lift the Australian economy.”
Read more about the construction loans and the Wilsons, bridge project here.
Topics:business-economics-and-finance,government-and/or-politics,government,state-parliament,nsw,nauruFirst posted February 01, 2019 11:37:23Contact Peter WrightMore stories from New South Wales